Money Management
Student Loans
If you have student loan debt, you probably also have a lot of questions. Here are some common concerns, as well as answers and additional resources to help you navigate your student loans. What types of loans do I have? You need to know if you have federal or private loans (or both), and what Read more Student Loans
Understanding Interest and Fees
Interest and fees, in their simplest terms, are the cost of using somebody else’s money. Thus, the borrower will repay more (within reason) than they originally borrowed. Interest The interest rate is the cost of borrowing the principal amount. An annual percentage rate (APR) is the interest rate plus additional charges and fees. Thus, the Read more Understanding Interest and Fees
Navigating Financial Setbacks
Life is full of unexpected changes, hurdles, and setbacks. Fortunately, with a little foresight, discipline, and determination, you can weather the storm. Here’s how: Acceptance and Acknowledgement Before you panic and rush to hastily-made decisions, take a moment to think intentionally about your situation. Reflect on the following questions so you can learn from what Read more Navigating Financial Setbacks
Reducing Credit Card Debt
Reducing Credit Card Debt Racking up credit card debt is a common phenomenon in the United States, as the Federal Reserve found U.S. households owe $1.04 trillion in credit card debt. In Minnesota, the average credit card balance is $5,961. That is a lot of money, and for far too many credit card debt is Read more Reducing Credit Card Debt
How to Save $500 in a Year
How to Save $500 in a Year Are you financially prepared for a $500 emergency? If your answer is “no,” you are not alone. According to a 2018 Federal Reserve report, 4 in 10 adults would not be able to pay for an unexpected $400 expense or would need to sell something or borrow money Read more How to Save $500 in a Year
Managing Car Expenses
For many, cars are expensive necessities – that’s why it’s important to take time to assess your unique situation and prepare your budget for all the expenses associated with car ownership. That way, the next time your engine light brightens up, it won’t be a financial emergency because you will have money available to handle it. Read more Managing Car Expenses
Retirement
It is difficult to think long-term, especially for events as far away from retirement, when you are simply trying to stay on top of all your everyday affairs. That doesn’t make it any less important, though, so take some time to learn about retirement savings accounts and savings strategies. Retirement Accounts Retirement accounts are tax-advantaged holding accounts Read more Retirement
Budgeting
Why Should I Budget? To effectively manage your finances, you need a budget. That’s what every personal finance blog, class, video, and professional will tell you. It is a fundamental component of finance, even if it isn’t all that fun. Budgeting for the first time feels intimidating and overwhelming. Where do you even begin? The Read more Budgeting
Goal-Setting
Here are some sample short and long-term goals, as well as action steps to take to help you achieve them. But first – make sure you have a budget in place to help you stay on track toward attaining your financial goals. If you need help starting and sticking with a budget, check out this Read more Goal-Setting
Money Mindfulness
According to the American Psychological Association (APA), one of the major stressors for people during the holiday season (or, frankly, any time of the year) is finances. To avoid stress, think intentionally about your money and practice money mindfulness. Defining Money Mindfulness Mindfulness is the practice of being present in the moment. Money mindfulness Read more Money Mindfulness